DISTORTED DATA:While export figures look dismal, the domestic market is on track this year, with increased consumer spending keeping the second quarter positive
Date: Aug 18, 2015
By: Ted Chen / Staff reporter
Standard Chartered Bank yesterday slashed its economic growth forecast for Taiwan to 2 percent annually this year, from a previous estimate of 4.3 percent, due to plummeting external demand during the first half.
The forecast is higher than the Directorate-General of Budget, Accounting and Statistics’ projection of an annual growth rate of 1.56 percent announced on Friday last week.
Dwindling exports last quarter set headline growth back by 2.07 percent, after seeing a sharp reversal from the 2.59 percent gain recorded in the January-to-March period, Standard Chartered economist Tony Phoo (符銘財) said. [FULL STORY]